Privacy Policy

Ooedo Onsen Asset Management Co., Ltd. (the “Asset Manager”) has established this Privacy Policy (this “Policy”) to ensure the proper management, use and protection of personal information.

1. Purpose

The Asset Manager recognizes the importance of personal information (including specific personal information defined under the Act on the Use of Numbers to Identify a Specific Individual in the Administrative Procedure (the "Number Use Act"), and shall handle personal information in accordance with the Act on the Protection of Personal Information (the "Personal Information Protection Act") and other relevant laws and guidelines, use personal information only for the purposes of use thereof, and respond to complaints properly to ensure the proper management, use and protection of personal information.

2. Basic Policy

With the understanding that personal information is an important information asset and in the awareness that the proper obtaining, management and use of obtained personal information to the extent necessary for the business is not only a legal requirement but also the Asset Manager’s social responsibility, the Asset Manager shall comply with the following basic policy:

（1）

The Asset Manager shall obtain personal information in a lawful and proper manner to the extent necessary for the business as prescribed by the Asset Manager, and shall not obtain personal information by fraud or other wrongful means.

（2）

The Asset Manager shall strive to maintain and keep obtained personal information accurate and current at all times. The Asset Manager shall take necessary and appropriate measures to develop the information security management system to prevent unauthorized access to, leakage, loss, destruction or alteration of personal information.

（3）

The Asset Manager shall not use obtained personal information beyond the scope of the purposes of use prescribed by it without prior consent of the relevant individual or unless permitted by law or regulation. The Asset Manager shall use obtained personal information to the minimum necessary extent in accordance with the purposes of use.

3. Purposes of Use

1.

Except for exceptional cases where the Asset Manager has obtained prior consent of the relevant individual or where it is permitted by law or regulation, the Asset Manager shall handle personal information only to the extent necessary to achieve the following purposes of use:

（1）

For the unitholders (the “Unitholders”) of Ooedo Onsen Reit Investment Corporation (the “Investment Corporation”) to exercise their rights or for the Asset Manager to perform its obligations to the Unitholders under the Act on Investment Trusts and Investment Corporations (the “Investment Trust Act”) and other relevant laws and regulations, such as sending asset management reports, convocation notices of general meetings of unitholders or dividend payment notices to the Unitholders.

（2）

To prepare various data and manage information related to the Unitholders under the Investment Trust Act and other relevant laws and regulations, such as preparation of the Unitholders’ Registry for the purpose of informing them of convocation of the Investment Corporation’s results briefing and investment performance briefing.

（3）

To deal with the preparation and submission of various statements, reports or the like of the Investment Corporation or the Asset Manager under the Investment Trust Act and other related laws and regulations.

（4）

To carry out acquisition, brokerage, sale, transfer, lease or real estate management of any of the assets under management on behalf of the Investment Corporation, or other asset management activities under the Investment Trust Act (including funding activities conducted as part of asset management) or various business activities such as information collection, research and analysis and review relating to any of the aforementioned activities.

（5）

To carry out business activities related to the issuance of the Investment Corporation’s investment units, investment corporate bonds and new unit acquisition rights as well as borrowing and other financing activities.

（6）

To carry out business activities such as the Investment Corporation’s IR activities or general clerical work.

（7）

To respond to inquiries or requests for materials to the Investment Corporation.

（8）

To carry out business activities incidental or related to any of (1) to (7) above.

（9）

To seek advice from or retain a lawyer, public certified accountant, tax accountant, real estate appraiser, judicial scrivener or other external professional to achieve any of the purposes (1) to (8) above.

2.

Notwithstanding the preceding paragraph, except for where the Asset Manager has obtained prior consent of the relevant individual or where it is permitted by law or regulation, the Asset Manager shall handle specific personal information collected, used or retained under the Number Use Act only to the extent necessary to achieve the following purposes of use:

（1）

To prepare withholding tax statements for employment income and retirement income.

（2）

To file for employment insurance.

（3）

To file for employees’ health insurance and pension insurance.

（4）

To file for type 3 insured individuals under the national pension plan for its officers’ or employees’ spouses.

（5）

To prepare records on payment of remuneration and fees.

（6）

To prepare records on payment of dividends, surplus and interest on guaranty capital

（7）

To prepare records on payment of real estate rents and fees.

（8）

To prepare records on payment of the consideration for the purchase of real properties.

（9）

To prepare records on payment of interest and the like.

（10）

To carry out affairs described in items (1) to (9) above for the Investment Corporation

（11）

To prepare other payment records.

4. Procedures for Notice or Announcement of Purposes of Use of Personal Information

1.

Except where the purposes of use are published in advance, the Asset Manager shall explicitly notify the relevant individuals of the purposes of use described in the preceding Article by promptly displaying or keeping the document describing them at its offices, posting them on the Asset Manager’s website or giving notice in writing or by post or email.

2.

In the event of any change to the purposes of use of personal information, the Asset Manager shall notify the relevant individuals of or publish the changed purposes of use.

5. Obtaining of Personal Information and Social Security and Tax Numbers

1.

The Asset Manager shall obtain personal information in a lawful and proper manner only to the extent necessary to achieve the purposes of use.

2.

The Asset Manager’s officers or employees shall not obtain personal information by fraud or other wrongful means, or has not obtained personal information from a third party who engages in unlawful conduct such as unlawful obtaining of personal information, with knowledge that the information it obtains is leaked personal information.

3.

The Asset Manager shall explicitly indicate the purposes of use described in Article 3.1 to the relevant individuals in advance if the Investment Corporation obtains personal information included in the agreement, contract or other documents directly from the relevant individuals. However, this may be omitted if the purposes of use are obvious from the circumstances at the time such personal information is obtained or if permitted by law.

4.

Notwithstanding Article 4.3, the Asset Manager may request the relevant individuals or other persons in charge of affairs related to the individual number or persons in charge of affairs using the individual number to provide personal information for the purposes listed in Article 3.2 and permitted under the Number Use Act only if it is necessary to deal with affairs related to the individual number or affairs using the individual number.

6. Provision of Personal Information to Third Parties

1.

The Asset Manager shall not provide personal information to any third party without prior consent of the relevant individuals except as the cases described in the following items and the following paragraph:

（1）

It is required to provide or disclose personal information by law.

（2）

It is necessary to provide or disclose personal information for the purpose of protecting life, body or property and it is difficult to obtain consent of the relevant individuals.

（3）

It is particularly necessary to provide or disclose personal information for the purpose of improvement of public health or promotion of sound development of children and it is difficult to obtain consent of the relevant individuals.

（4）

It is necessary to cooperate with a national governmental agency or a local government or its delegate in performing the affairs stipulated by law, and it is likely to impede the performance of such affairs to obtain consent of the relevant individuals.

（5）

It is otherwise permitted by law or regulation to provide or disclose personal information to third parties.

2.

To the extent necessary to achieve the purposes of use described in Article 3.1 as well as when legally required to do so, the Asset Manager may provide to the third parties listed below names, addresses, telephone numbers, email addresses and other items of information (excluding special care-required information) within the scope necessary to achieve such purposes in writing or by post, phone, email or advertising media or other means. The Investment Corporation shall cease such provision of personal information to third parties if it receives a request that the relevant individuals have made to the contact described in Article 10.

（1）

The Investment Corporation

（2）

Custodians, general administrators or other service providers to which the Investment Corporation has outsourced asset custody, general administration or other services

（3）

Parties, other related parties and prospective parties to an agreement for transactions involving real estate

Notwithstanding Article 3.2, except as legally required, the Asset Manager shall not provide any specific personal information collected, used or retained under the Number Use Act to any third party, irrespective of whether or not it has obtained prior consent of the relevant individuals.

7. Outsourcing and Supervision of Contractors

If the Asset Manager outsources handling of all or part of obtained personal information to a service provider, the Asset Manager shall take appropriate measures to protect personal information under applicable law or regulation, and supervise the contractor as necessary and appropriate to ensure the secure management of the personal information.

8. Notice of Purposes, Disclosure, Correction, Suspension, etc., of Use of Personal Information

1.

The Asset Manager shall strive to keep retained personal information accurate and current to the extent necessary to achieve the purposes of use. If the Asset Manager receives requests from the relevant individuals regarding retained personal information, it shall, after verifying the identity of the relevant individual or his/her agent, respond to the request by giving notice of purposes, disclosing, correcting or suspending use of personal information under applicable law and relevant rules.

2.

The Asset Manager may charge the relevant individuals a fixed fee for requesting notice of purposes, disclosure, correction or suspension of use of retained personal information.

9. Continuous Improvements

In response to amendments to laws and regulations or increased or changing social demand, the Asset Manager shall amend this Policy from time to time and strive to improve the management system for and security of personal information.

10. Contact for Inquiries about Handling of Personal Information

Except as provided by the following paragraph, for comments, inquiries and complaints regarding the Asset Manager’s handling of personal information, please contact the following:

9:00 a.m. to 5:00 p.m. (excluding Saturdays, Sundays, public holidays and other holidays designated by the Administrator)

11. Name of Authorized Personal Information Protection Organization and Its Contact for Requests for Complaint Resolution

As the Asset Manager is a target entity of The Investment Trusts Association, Japan, which is an authorized personal information protection organization, the Association will provide consultation and receive complaints regarding the Asset Manager’s handling of personal information.

Entity name

Investor Inquiry Section, The Investment Trusts Association, Japan

Tel

+81-3-5614-8440

Office Hours

9:00 a.m. to 11:30 a.m. and 12:30 p.m. to 5:00 p.m. (excluding Saturdays, Sundays, public holidays and other holidays designated by the Association)